How's China to Make
Sense of U.S. Signals?

By

David Wessel Staff Reporter of The Wall Street Journal

Updated June 9, 2005 12:01 a.m. ET

Imagine what it must be like to be a Chinese leader listening to the U.S. government.

The Treasury plays the good cop, relying not on threats but reasoned economic argument: Let your currency rise, it tells the Chinese, not for our sake but for yours. Flexibility is your friend, the market your ally. Act like the economic superpower you have become.

The Commerce Department plays the pragmatist: Free trade is a nice slogan, but...